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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #43,421
  • Sep 10, 2009 1:16am Sep 10, 2009 1:16am
Quoting mbqb11
Hey Monroe

Welcome and I think you will be quite pleased with what we do around here. Simple and effective, just takes time and practice.

Yes you are missing what is called position sizing....
Hey Mike..

Thanks for the link....Great info thread!!!!

Adrian
  • #43,422
  • Sep 10, 2009 1:35am Sep 10, 2009 1:35am
Hi Esbatu,
in my demo experience to date which is longer than three months, I did not take more than 2 losses in a row, and this only happened once (until my wild blow out last week when I took plenty of losses in a matter of hours
In fact during my demo period so far losses were almost a rarity, although there were also many break evens.
This is one reason I want to demo a bit longer. I want to be sure I have not had a lucky run, and that if I have I can deal with it without getting reckless in my trading.




Quoting esbatu
Hi guys, just out of curiosity,
what is your most consecutive losses in trading PA?
If you can wait and not be tired by waiting...
  • #43,423
  • Sep 10, 2009 1:37am Sep 10, 2009 1:37am
I don't see any trdes on the dailies for today.
I am looking at the GBP/SEK following a 4 hour pinbar at a PPZ low yesterday afternoon, it may indicate a double bottom, it is still in play following the quiet overnight session. If it breaks upwards I will trade it. However I have noticed these Scandi currencies trade in huge increments and are a bit jittery, tho they still respond well to price action, it just feels more hairy.


The other interesting possibility is still Gold, but I just hear too much information / viewpoints about gold from too many quarters (tv, radio , newspapers, investment sheets, taxi drivers, etc)to be able to make an independent assessment, so I'll be sitting out of that one for the time being.
If you can wait and not be tired by waiting...
  • #43,424
  • Sep 10, 2009 1:44am Sep 10, 2009 1:44am
Quoting rikrok
I don't see any trdes on the dailies for today.
I am looking at the GBP/SEK following a 4 hour pinbar at a PPZ low yesterday afternoon, it may indicate a double bottom, it is still in play following the quiet overnight session. If it breaks upwards I will trade it. However I have noticed these Scandi currencies trade in huge increments and are a bit jittery, tho they still respond well to price action, it just feels more hairy.
Welcome to the world of trading illiquid instruments - high spreads, huge variance, unpredictable craziness.

I skip the exotics, too much of a headache - especially the scandinavians, who arent going to have any kind of spectacular asian or african style inflation blowout that could potentially net you enough pips to buy Neptune
When you have to shoot, shoot. Dont talk.
  • #43,425
  • Sep 10, 2009 1:45am Sep 10, 2009 1:45am
EU has reached 61.8% level of the big move down there might be a retracement before it breaks it. (if it breaks it)
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  • #43,426
  • Sep 10, 2009 2:10am Sep 10, 2009 2:10am
Quoting nasir.khan
EU has reached 61.8% level of the big move down there might be a retracement before it breaks it. (if it breaks it)
I do very similar things to this Nasir. I plan out scenarios in my head so when things line up I feel more confident in my trades.
  • #43,427
  • Edited 3:25am Sep 10, 2009 2:27am | Edited 3:25am
Quoting mbqb11
I do very similar things to this Nasir. I plan out scenarios in my head so when things line up I feel more confident in my trades.
Thank mike that's encouraging.

So here is a BUOB, Swing low, A round number and some room to manage it cause i think when this ppz will throw it up it won't come back to BE very quick.

But if i would have waited to let 4H candle closed as BUOB that would've closed above the PPZ nicely.

or entered the trade if this 1H BUOB would've closed above 1.0420.

Now as you can see i am in this trade cause the SL is small here

and only because of this reason i took of my eyes off above two scenarios.

So how to deal with this lure of small stops?
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  • #43,428
  • Sep 10, 2009 3:20am Sep 10, 2009 3:20am
Quoting nasir.khan
Thank mike that's encouraging.
...........
Now as you can see i am in this trade cause the SL is small here
and only because of this reason i took of my eyes on above two scenarios.
So how to deal with this lure of small stops.
Is this a question?
if so.... short answer is:
A small stop is just an 'icing on the cake', it is not the cake itself.

a trade with small stop does not necessarily equate to a worthy/high probability trade. in the same light, a trade with a large stop should not necessarily deter/prevent u from trading it.

A stop is just 1 of many factors for us to consider.
  • #43,429
  • Sep 10, 2009 4:07am Sep 10, 2009 4:07am
Quoting mbqb11
Hey Faizal,

I wish both the bars were much bigger personal, but a side note I see you have your take profit deeper under those bar highs and the lows(see my chart). Make sure that you watch those highs. Price can bounce right of bar highs and lows very easily. Good time to watch and make sure to reduce risk or not take a full bar loss at least.

Best
Mike
cheers for that geez.

i was aware of that minor ppz and i generally move my stop to b/e or reduce risk after 30/40 pips anyway.

i moved my stop to b/e when price got to 0.8950.
  • #43,430
  • Sep 10, 2009 5:12am Sep 10, 2009 5:12am
Quoting jarroo
The Daily Cad PB is a good example of what your saying here. It fits it to a tee. Orange line is not giving any room to manage and stalling momentum.


Thanks Bundy.


Jim
Looks like the stall is over.

Now that's what I call a break.
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Indicators show the past. Price Action "Indicates" the future.
  • #43,431
  • Sep 10, 2009 5:22am Sep 10, 2009 5:22am
i took some off the table at the 1st aqua line u drew there to reduce stop distance to break even. Is this a decent strategy for this 1?
  • #43,432
  • Sep 10, 2009 5:28am Sep 10, 2009 5:28am
Quoting supermatt
i took some off the table at the 1st aqua line u drew there to reduce stop distance to break even. Is this a decent strategy for this 1?
There are many different ways to manage a given setup. For me its the quality of the setup that I give more leeway to it's stop loss placement. Although I do manage them all pretty tightly, even the A+ ones.

It's a decent strategy in my book, moving to break even after the 1st trouble area is hit. But you have to find out for yourself what works for you.
Indicators show the past. Price Action "Indicates" the future.
  • #43,433
  • Sep 10, 2009 5:33am Sep 10, 2009 5:33am
Quoting jarroo
Looks like the stall is over.

Now that's what I call a break.
Hi Jarroo

Did you get involved in the break of this yesterday? Wondering because I know you use tight stops and look for a quick break, so maybe you got stopped out? If so, what was the strategy for re-entering?

Basically how did this trade play out for you starting from yesterday?

Thanks in advance.
  • #43,434
  • Sep 10, 2009 5:56am Sep 10, 2009 5:56am
Quoting pmn100
Hi Jarroo

Did you get involved in the break of this yesterday? Wondering because I know you use tight stops and look for a quick break, so maybe you got stopped out? If so, what was the strategy for re-entering?

Basically how did this trade play out for you starting from yesterday?

Thanks in advance.
No, I didn't play the initial break from yesterday. Consolidation Price Action setups can be a bit tricky due the obvious traffic that they inherently possess. Especially the orange line on my chart showing a strong S/R level right infront of the PB. I will usualy, not always, wait and see how Price reacts to this 1st level that's right smack infront of the setup and see if it retraces.

The strong PPZ level at the round number, 1.0800 and divergence gave me more confidence then relatively small PB to the previous downward big candles.

I'm sure some James16ers placed their buy stop just above the PB, stop loss just below the PB and never blinked an eye. I wouldn't blame them on this one.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #43,435
  • Sep 10, 2009 6:01am Sep 10, 2009 6:01am
What Joel and Mike shared with you is like lightning in a bottle. Money Management done properly will keep your from ruin and will allow you to compound your returns.

So many traders figure the MM is n lots per $10,000 of capital. That is the fast train to where you will find the rest of those who tried and failed.

Lately, the dailies and weeklies have been slow, and not many setups have been there. Winning traders thrive in this kind of market because they can sit on the sideline and wait for a quality setup - and hence preserve their capital. (Shoot, even the 4hr charts have been a drag lately!)

Really happy you found the thread - cannot wait to see your charts. Everyone here will help you.

mike

Quoting Monroe
joelcf, your the man bro!!! thank you!! I get it now... Wow, exactly what I was looking for. I have read about position size, I just didn't completetly get it. You explained this perfectly, that's kick ass. Thank you very much for taking the time to do that.

mbqb11, thanks a lot for your reply as well, this post by diallist is excellent as well.

I have learned so mch from this this thread alone in the past week, it's unbelievable!! I am going over some of the PA stuff again, learning more about how to use confluence to...
I'm pretty much done with all this ...
  • #43,436
  • Sep 10, 2009 7:15am Sep 10, 2009 7:15am
Quoting supremeChaos
Is this a question?
if so.... short answer is:
A small stop is just an 'icing on the cake', it is not the cake itself.

a trade with small stop does not necessarily equate to a worthy/high probability trade. in the same light, a trade with a large stop should not necessarily deter/prevent u from trading it.

A stop is just 1 of many factors for us to consider.
Thanks SC.
  • #43,437
  • Sep 10, 2009 7:17am Sep 10, 2009 7:17am
Quoting joelcf
Welcome to the world of trading illiquid instruments - high spreads, huge variance, unpredictable craziness.

I skip the exotics, too much of a headache - especially the scandinavians, who arent going to have any kind of spectacular asian or african style inflation blowout that could potentially net you enough pips to buy Neptune

Well the gbp/sek took off nicely in the end, but I certainly take your point Joel. These illiquid currency pairs cause a lot more stress than the smoother liquid pairs.

I also took the break of the USD CAD which I'd been following from the previous day....which when I look up a TF to the weekly looks like it may have further space to run.
If you can wait and not be tired by waiting...
  • #43,438
  • Sep 10, 2009 7:18am Sep 10, 2009 7:18am
Hi

I am looking at GU and got a bit confused drawing my PPZ's. So can any body help me by posting your chart of GU 4H and Daily.
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  • #43,439
  • Sep 10, 2009 8:08am Sep 10, 2009 8:08am
Quoting rikrok
These illiquid currency pairs cause a lot more stress than the smoother liquid pairs.
That is what makes them so damn fun
When you have to shoot, shoot. Dont talk.
  • #43,440
  • Sep 10, 2009 8:29am Sep 10, 2009 8:29am
Quoting jarroo
No, I didn't play the initial break from yesterday. Consolidation Price Action setups can be a bit tricky due the obvious traffic that they inherently possess. Especially the orange line on my chart showing a strong S/R level right infront of the PB. I will usualy, not always, wait and see how Price reacts to this 1st level that's right smack infront of the setup and see if it retraces.

The strong PPZ level at the round number, 1.0800 and divergence gave me more confidence then relatively small PB to the previous downward big candles.

I'm...
Hi Jarro

I had placed my stop below the breaking bar as was your method (is it still your practice?).
I took partial profit at the first target, and moved the rest to breakeven but SL was hit at the BE.
Given the stall in the past 24 hours, would you consider reentering?
Also, I am not sure the orange line you drew is that much of a S/R line. Would that have prevented you from taking this trade?

Thanks.
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